Greek Ship Owners to Make “Greece Debt Free”

Many blame rich owners of shipping companies of not doing enough to support Greece financially but here is a noteworthy exception. Peter Nomikos, the 33-year-old heir of a wealthy shipping family of Santorini, came up with an innovative idea: he wants to raise money donated by individuals to make Greece “Debt Free” as soon as possible.

The London-based man decided to launch a charity website called “Greece Debt Free” to eliminate- what else?- Greece’s debt.

Approximately 16 million people of Greek origin live around the world and thus, Mr Nomikos hopes that some of them will be willing to support their country. “Greeks are terrible citizens, but exceptional patriots,” says Nomikos in an interview with the Wall Street Journal.

But Mr Nomikos has many rich friends as well. Vangelis Marinakis, an eminent shipowner and president of football team Olympiacos, has already signed up for GDF, donating €168,590 on behalf of his team. This amount of money is enough to buy state bonds that cancel a bit less than 1.5 million of the Greek debt.

Right now each Greek owes about € 24,800 in national debt, but this is being bought and sold on the international market for about € 3,000. On Tuesday, June 26th, the third day of its operation, the website has earned 2,200,000 euros already!

4 COMMENTS

Here’s a better idea – tax the shipowners in similar manner as ordinary Greek citizens, i.e., based on lifestyle. Right now, an ordinary Greek citizen who could prove to the tax authorities that he/she could afford to buy property (house, car, motorcycle, etc.) in a specific tax year but then loses that job and finds another that pays less money or is now unemployed or retires is ASSUMED to earn x amount of euros based on use of property. In short this is a lifestyle tax that punishes those that no longer earn the same income as previously. Shipowners, on the other hand, through their political connections that enable legal tax evasion through offshore companies and other mechanisms live in grand style with the use of yachts, airplanes, homes, automobiles, etc. and report incomes for tax purposes that are laughable. Instead, our government should tax them based on the use of property. So if the home that they live in is worth x million euros, it should be assumed that this is a part of their compensation for working for the shipowning company and be taxed accordingly. The same should apply to the use of boats, cars, and planes. Hell, if they really wanted to demonstrate their patriotism, they wouldn’t fly flags of convenience, they would employ Greek seamen, they would base their headquarters in Greece, and they would pay taxes like the rest of us. Failing that they should collectively reach into their own pockets and pay off the debt in gratitude to the country that enables them to live like kings and queens in their birth nation. Instead, they ask ex-pats to do what they will not. Shame on them.

THis is a good idea similar to what Koreans did and now they have the best economy worldwide bar none. But the only thing is that it still assumes that Greeks acquired the debt to begin with. Much of the debt is derivatives fraud ramped up by speculators who performed illegal naked trades. These trades are illegal and Greek taxpayers (as are Irish and others) are effectively bailing out these foreign banks who effectively gambled (since the trading was naked) without putting down collateral. This is well documented by Max Keiser of Russia Today who was recently ranked by Huffington Post as one of the few to speak out against the illegal banking practices. They should arrest those speculators and hedge fund managers and it would clear 200 billion of debt alone.

At last !!
the right leadership with the right ideas in a moment of crisis. I admire the
great Themistocles of Athens one of the greatest leaders of Greek history who
saved Greece when ALL around was lost and hardly any part of Greece was free of
the invaded Persians with their huge army and fleet. Themistocles did not
panic. He remained confident with clear mind and conceived his brilliant
strategy. He persuaded the Athenians to vacate the city and moved to Salamis. … When all was in place and the day came as
planned by Themistocles, and the battle began, by late afternoon the fate of
the Persian Empire was defeat, never to threaten Greece again. Calm, confident, intelligent ideas and plans,
resolve in prompt decisive action with clear aim united NOT divided, Greece
always wins.

Dear Peter
Nomikos, thank you for the initiative and although you appear reluctant I feel
happy sensing a steely resolve to lead to success. As an ordinary Greek who for
years I study our history and the betrayal of Greece by our friends and allies,
I am with you totally and I am sure all Greeks who love our country we are with
you.

I have
some further thoughts which I would like to share with you. Please contact me
and we can meet in London as soon as you can. Research and Intelligence in
support of strategic planning was my 30 years work in England, where I studied
and have been living since 1966

We must produce
what we need in Greece. It is NOT sustainable life when we import almost
everything beyond tomatoes and melons … Greece is the shop where the producers of
goods from other counties sell their products. This cannot go on. We must have
industry producing high value high quality products at competitive prices
sustainably. Greece can become a model of balanced strong sustainable economy
and be member of the G20 within five years.